2025 年 6 月 专题研究 科创债全景透视：政策演进、发展现状与国际经验 ——科创债专题研究系列（五） 民企债券融资支持力度再升级，新举措能 否带来新突破？——交易商协会民企14条 点评，2025 年 3 月 如需订阅研究报告，敬请联系 中诚信国际品牌与投资人服务部 作者： 中诚信国际 研究院 袁海霞 hxyuan@ccxi.com.cn 谭 畅 chtan@ccxi.com.cn 卢菱歌 lglu@ccxi.com.cn 郝云龙 ylhao@ccxi.com.cn 债市"科技板"启航，五方面速览科创债 增量政策，2025 年 5 月 新一轮增量金融政策的四大关注——5月7 号国新办发布会点评，2025 年 5 月 《民营经济促进法》落地，法治升级对债 市影响几何？——《民营经济促进法》点 评，2025 年 5 月 赵 耿 010-66428731 gzhao@ccxi.com.cn www.ccxi.com.cn 1 月价格数据点评 通胀水平延续回落、物价稳中 CPI、PPI 双双回落，通胀压力处于可控范围-- 12 月价格数据点评及 2022 年展望,2022 年 1 月 12 日 CPI、PPI 双 ...

Group 1 - The first two data center REITs have completed inquiries and will start subscriptions from July 14 to 15, indicating a growing market for REITs with quality assets [1] - The REITs market is expected to be further activated by the dual drive of "initial issuance + expansion" as relevant systems are optimized and the market matures [1] - High-net-worth individual investors have increasingly participated in ETF initial subscriptions, marking a shift from stock selection to index-based investment tools [1] Group 2 - As of July 9, 197 funds have ended fundraising early this year, with equity funds making up a significant portion, indicating a strong recovery in equity fund issuance [2] - The total issuance of newly established funds reached 5303.47 billion units in the first half of the year, with stock funds accounting for 35.46%, showing a substantial increase compared to the previous year [2] Group 3 - China's monetary policy has implemented moderate easing measures to support macroeconomic stability, achieving multiple goals such as growth stabilization and risk prevention [3] - The introduction of lithium supplement agents in the battery industry is gaining traction, with prices significantly higher than traditional materials, enhancing competitiveness for material companies [3] Group 4 - Global bank sector indices have seen significant increases, with the global index rising by 52% and the Chinese index by 59%, reflecting a revaluation of banks as stable assets [4] - The ongoing interest rate hikes in major economies have contributed to the attractiveness of banks, combining high shareholder returns with growth potential [4] Group 5 - The Hong Kong stock market has seen a surge in equity financing, nearing 3000 billion HKD, with IPOs showing remarkable growth, particularly in the technology and consumer sectors [5][6] - The market is characterized by a dual drive from technology and consumption, with significant activity in emerging consumer sectors and advanced technology fields [6] Group 6 - In 2024, 3667 A-share listed companies reported overseas business income, totaling 9.52 trillion yuan, a 56.58% increase from 2020, with manufacturing companies leading the growth [7] - Key sectors driving this growth include new energy vehicles, lithium batteries, and photovoltaics, highlighting the importance of industry chain and ecosystem expansion [7] Group 7 - As of July 9, the express delivery business in China has surpassed 1 trillion pieces, reflecting strong economic resilience and the growing scale of the consumer market [8] - The increase in express delivery volume is attributed to the rising e-commerce penetration and the expanding consumer market [8] Group 8 - Regulatory bodies have intensified oversight of delisted companies, with 19 companies receiving penalties this year, indicating a stricter regulatory environment [9]

Core Viewpoint - The REITs market in China is experiencing significant growth with the introduction of new projects and the normalization of issuance, driven by the expansion of quality assets and improved regulatory frameworks [1][2][3]. Group 1: New Projects and Market Expansion - The first two data center REITs have completed inquiries and will start subscriptions, indicating a successful expansion of underlying assets in the public REITs market [1]. - The launch of the first public REITs for urban renewal and municipal infrastructure marks a significant milestone, filling gaps in the domestic REITs market [1][2]. - More "first" projects are in preparation, including tourism infrastructure REITs, which are expected to diversify the asset pool further [2]. Group 2: Normalization of Issuance and Expansion - Existing projects are undergoing regular expansions, with the announcement of additional acquisitions for the 华夏华润商业REIT, indicating a trend towards normalizing expansion activities [2][3]. - The normalization of expansion is expected to enhance the vitality of individual REITs and improve market liquidity by encouraging existing REITs to grow [3]. Group 3: Regulatory Improvements and Legislative Support - Recent guidelines from the Shanghai Stock Exchange and Shenzhen Stock Exchange have standardized the expansion process for public REITs, facilitating more structured growth [3]. - The ongoing legislative efforts to support REITs are anticipated to enhance their role in serving the real economy and optimizing asset allocation for investors [4][5]. - The recent guidance from multiple government departments to support consumer infrastructure REITs is expected to directly benefit tourism and commercial real estate sectors [4].

近年来,港股市场波动加剧,投资者对高分红、低估值资产的关注度显著提升。首程控股(697.HK)凭借其 在基础设施领域的深度布局,尤其是近期对数据中心REITs的战略投资,进一步夯实了其高分红特性,为投 资者提供"防御+成长"的双重价值。 2025年6月,首程控股战略投资南方万国数据中心REIT和南方润泽科技REIT,进一步优化其资产组合。数 据中心REITs具有租金收入稳定、运营成本可控的特点,能够提供持续的可分配现金流。不仅带来了资产 端的增值空间,更通过证券化平台释放未来分红的潜力,为长期股东回报提供了更强支撑。。其在平准基 金和城发基金等资本工具中的灵活运作,也为公司资产运营与分红水平提供了资金与策略支撑。 稳健经营为基础,分红回报有支撑 防御与成长并举,资本市场"确定性选项" 在当下全球市场对"确定性"偏好日益加强的背景下,首程控股所代表的"基础设施+高分红"模型具有极强 的吸引力。一方面,其产业基础设施资产具备高稳定性,能为投资者提供可预期的现金分红收益;另一方 面,通过积极探索REITs产品、投资智算中心等高成长资产,公司在传统稳健与新兴动能之间找到了新的 平衡点。 未来,随着数据中心、城市更新、 ...

二是进一步强化股债联动服务科技创新的优势。大力发展科创债，优化发行、交易制度安排，推动完善 贴息、担保等配套机制，加快推出科创债ETF，积极发展可交换债、可转债等股债结合产品。证监会批 复全国首批2只数据中心REITs注册，下一步将继续支持科技企业利用知识产权、数据资产等新型资产 开展资产证券化、REITs等融资，进一步盘活科技创新领域存量资产。 三是更大力度培育壮大耐心资本、长期资本。聚焦私募基金"募投管退"各环节卡点堵点，畅通循环。积 极推动社保基金、保险资金、产业资本参与私募股权投资，拓宽资金来源。推动基金份额转让业务试点 转常规，优化实物分配股票试点和"反向挂钩"等机制，畅通多元化退出渠道。支持编制更多科技创新指 数、开发更多科创主题公募基金产品，引导更多中长期资金参与科技企业投资。证监会还将支持在上海 设立专门科技公司，建设新型资产管理服务平台，助力各类投资机构进一步提升投资和风险管理能力。 四是支持科技型上市公司做优做强。证监会将坚持目标导向、问题导向，不断完善上市公司全链条的监 管制度安排，抓好"并购六条"和重大资产重组管理办法落地，推动股份对价分期支付机制、重组简易审 核程序等新举措落实，研究 ...

2025年上半年，数据要素价值化趋势进一步凸显，越来越多的数据被转化为高价值资产。同时，金融市 场创新为数据资产开辟了多元融资渠道，更好地帮助相关企业"点数成金"。 展望未来，接受《证券日报》记者采访的专家表示，随着数据要素市场化配置机制的不断完善，数据要 素价值释放进程将进一步加速。从技术标准统一到跨行业数据流通体系构建，再到数据安全与隐私保护 的强化，数据要素市场有望在规范化发展中释放更大价值，成为驱动数字经济高质量发展的核心引擎。 从上述交易中不难看出，数据已然成为企业重视的重要资源。在此背景下，2025年以来，企业纷纷围绕 数据资产管理展开积极探索。 一方面，部分企业着力构建完善的数据管理体系，以提升数据质量、挖掘数据价值。不少企业组建了专 业的数据管理团队，涵盖数据架构师、数据分析师、数据治理专员等多类专业人才，负责统筹数据资产 管理的各项工作。 据《证券日报》记者不完全统计，今年上半年，协创数据技术股份有限公司、深圳市城市交通规划设计 研究中心股份有限公司、大连德迈仕精密科技股份有限公司等多家上市公司先后披露聘任首席数据官的 相关公告，以进一步强化数据战略顶层设计，推动数据资源与业务深度融合。 另 ...

2025 年利率债市场预计窄幅震荡，央行收紧政策可能性低，收益空间 有限，整体持中性观点，不看空但向上空间亦受限。 信用债市场方面，信用利差预计进一步压缩，机构或寻求信用下沉以获 取更高收益。理财规模增长和存款利率下调将推动理财规模显著增长， 利好中低评级信用债。 保险次级债市场规模相对较小，但较高利差提供投资机会。未来投资者 结构可能偏向市场化机构，增加交易量和市场认可度。风险评估应侧重 国有大型保险公司，关注寿险公司的利差损风险。 保险次级债期限结构以 5+N 为主，需关注中小型保险公司资本补充债 的不赎回风险。建议关注收益率在 2.5%以上的长久期保险刺激债，如 华泰人寿和阳光人寿的相关产品。 城投点心债提供高收益且无汇率风险，境外城投点心债收益可达 5- 6%，远高于境内。建议有 QD 额度的投资者通过香港购买，以获取更高 性价比。 摘要 债市周周谈：哪些保险次级债值得关注？20260629 Q&A 当前债市的货币政策委员会例会有哪些最新信息？对债市的影响如何？ 最新的货币政策委员会例会未提供太多增量信息，核心是删除了择机降准降息 的表述。短期内央行进一步宽松的可能性不大，但也不太可能收紧，除非 10 ...

Group 1: Capital Market Focus on Technology Innovation - The capital market is increasingly focused on supporting technological innovation and the development of new productive forces, with regulatory bodies guiding capital towards cutting-edge technology sectors through institutional innovation [1] - As of June 25, 50 companies have listed on the A-share market this year, a year-on-year increase of 19.05%, raising a total of 37.125 billion yuan, which is a 22.72% increase compared to the previous year [1] - The majority of the newly listed companies are in strategic emerging industries, particularly in new-generation information technology, new materials, new energy vehicles, and high-end equipment manufacturing [1] Group 2: Support for Quality Sci-Tech Enterprises - The China Securities Regulatory Commission (CSRC) has issued implementation opinions to enhance financial services for technology enterprises throughout their lifecycle, including support for quality tech companies to go public [2] - As of June 25, 80 companies' listing applications have been accepted this year, with 53 applications received in June alone [2] - The CSRC is set to deepen reforms with a focus on the Sci-Tech Innovation Board, including the reintroduction of listing standards for unprofitable companies [2][3] Group 3: Mergers and Acquisitions (M&A) Activity - The A-share M&A market has seen increased activity, with 1,833 M&A transactions disclosed this year, including 88 major asset restructurings, a year-on-year increase of 158.82% [5][6] - M&A is viewed as a pathway for companies to quickly acquire scarce technology and market resources, facilitating industry upgrades and valuation reconstruction [6][7] - The CSRC has introduced measures to support M&A, including a simplified review process and encouraging private equity funds to participate [6][7] Group 4: Expansion of Sci-Tech Bonds - The issuance of sci-tech bonds has accelerated, with 792 bonds issued this year, totaling 960.948 billion yuan, and a significant increase of 547.04% since the launch of the "technology board" [8][9] - The introduction of sci-tech bond ETFs is expected to attract various funds to invest in key technology sectors, broadening financing sources for tech companies [8][9] - The regulatory framework is evolving to support asset securitization and REITs in the technology sector, aiming to enhance the financing landscape for innovative enterprises [9]

分析师：王骅 登记编号： S0890522090001 分析师：顾昕 登记编号：S0890524040001 分析师：冯思诗 登记编号： S0890524070001 投资要点 市场回顾： 上周（2025.06.16-2025.06.20）债券市场小幅上涨，中债-综合财富指数（CBA00201）收涨 0.25%，中债-综合全价指数(CBA00203)收涨0.19%。利率债收益率下行且短端下行幅度大于长端，信用债收益 率普遍下行，信用利差有所收窄 。 市场观察： 资金面超预期宽松，短债配置力量强劲；票息资产持续获偏好，信用利差持续压缩；美联储议息按 兵不动，地缘风险提振美债避险需求；首批数据中心REITs获批复 。 公募基金市场动态： 2025年6月18日，证监会主席吴清在2025年陆家嘴论坛宣布，证监会将批复全国首批两只 数据中心REITs注册，继续支持科技企业利用知识产权、数据资产等新型资产开展资产证券化、REITs等融资。 除已获批的数据中心REITs外，6月16日丽江市旅游开发投资集团有限责任公司宣布启动玉龙雪山文旅REIT项 目，文旅REITs的探索将进一步推动市场底层资产类型的丰富 。 泛固收基金指 ...

报 告 摘 要 一、上周市场回顾 二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 50 只，合计发行规模为 450.23 亿元，较前一周有增加。 此外，上周有 19 只基金首次进入发行阶段，本周将有 17 只基金开始发 行。 一 上周市场回顾 1.1 相关热点回顾 一、基金申报发行动态 上周共上报 41 只基金， 较 上上周申报数量 有所增加。 申报的产品包括 6 只 FOF ，中证 AAA 科技创新公司债 ETF 、上证 AAA 科技创新公司债 ETF 、 华安国证港股通消费主题 ETF 、嘉实恒生港股通科技主题 ETF 等。 1 、首批 2 只数据中心 REITs 获批 6 月 16 日，南方润泽科技数据中心 REIT 、南方万国数据中心 REIT 获得中国证监会准予注册批复，准予基金的募集份额总额分别为 10 亿份和 8 亿份，基 金合同期限分别为 50 年、 38 年。 上周 A 股市场主要宽基指数全线下跌，中小板指、沪深 300 、上证综指收 益靠前，收益分别为 -0.43% 、 -0.45% 、 -0.51% ，中证 500 、中证 1000 、创业板指收益靠后，收益分别为 -1.7 ...